equity snapshot - danareksa onlinedmia.danareksaonline.com/upload/morning pack 20180606.pdf ·...

Equity SNAPSHOT Wednesday, June 06, 2018

Danareksa Sekuritas – Equity SNAPSHOT

FROM EQUITY RESEARCH

MARKET NEWS

Macroeconomy Additional diesel subsidies may be included in the 2019 state

budget plan Ministry of Finance: Most holiday allowances have been

disbursed

Corporate Buyung Poetra Sembada: To increase production capacity and

build a power plant BRI revises up its loans growth target to 14%

Kalbe Farma: Biosimilar to contribute 6-7% of pharma revenues

Lippo Cikarang (LPCK) targets FY18 marketing sales of Rp10.52tn.

Lippo Karawaci (LPKR) to sell one more mall asset to Lippo Malls Indonesia Retail Trust (LMIRT)

Matahari Putra Prima: Foresees 7% yoy growth in revenues in 2018

Salim Ivomas Pratama (SIMP) to pay dividends of Rp10/share

KEY INDEX

Close

Chg Ytd Vol

(%) (%) (US$ m)

Asean - 5

Indonesia 6,089 1.2 (4.2) 590

Thailand 1,733 0.7 (1.2) 2,192

Philippines 7,686 1.4 (10.2) 100

Malaysia 1,755 (0.0) (2.3) 709

Singapore 3,483 0.5 2.4 799

Regional

China 3,114 0.7 (5.8) 29,924

Hong Kong 31,093 0.3 3.9 13,568

Japan 22,540 0.3 (1.0) 11,680

Korea 2,454 0.2 (0.6) 7,256

Taiwan 11,100 (0.1) 4.3 5,458

India 34,903 (0.3) 2.5 556

NASDAQ 7,638 0.4 10.6 107,274

Dow Jones 24,800 (0.1) 0.3 8,240

CURRENCY AND INTEREST RATE

Rate

w-w m-m ytd

(%) (%) (%)

Rupiah Rp/1US$ 13,880 0.8 0.9 (2.4)

SBI rate % 4.75 0.3 0.5 0.5

10y Gov Indo bond 7.12 0.0 0.1 0.8

HARD COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Coal US$/ton 113 (0.3) 12.4 12.1

Gold US$/toz 1,297 0.0 (1.4) (0.5)

Nickel US$/mt.ton 15,688 1.7 12.3 23.5

Tin US$/mt.ton 20,705 0.4 (3.0) 3.0

SOFT COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Cocoa US$/mt.ton 2,367 (3.9) (13.4) 24.6

Corn US$/mt.ton 136 0.9 (6.0) 8.5

Oil (WTI) US$/barrel 66 0.0 (6.0) 8.5

Oil (Brent) US$/barrel 75 0.1 0.7 12.7

Palm oil MYR/mt.ton 2,407 0.3 2.8 0.7

Rubber USd/kg 141 (0.4) (1.0) (3.7)

Pulp US$/tonne 1,186 N/A 4.7 18.6

Coffee US$/60kgbag 86 0.7 2.2 (5.2)

Sugar US$/MT 344 1.9 7.0 (12.9)

Wheat US$/ton 139 0.9 (3.1) 12.5

Soy Oil US$/lb 31 (0.5) 0.8 (6.9)

Soy Bean US$/by 1,001 (0.0) (2.5) 5.2

Source: Bloomberg



MACROECONOMICS Additional diesel subsidies may be included in the 2019 state budget plan

The Ministry of Energy and Mineral Resources stated that additional diesel subsidies, ranging from IDR1,500-

2,000/ltr, may be included in the 2019 state budget plan. The proposed quota for subsidized diesel is between 16.17-16.53 million kilo litres. This additional subsidy is requested due to rising global crude oil prices. The

benchmark ICP is determined to be USD60-70/barrel. In the 2019 state budget plan, the lifting of oil and gas is expected to reach 1,932-2,105Mboepd (722-805mboepd of oil and 1,210-1,300mboepd of gas). In the 2018 state

budget, the oil and gas lifting is expected to reach 2,000mboepd, while the realization is 1,916mboepd. Furthermore, the electricity subsidy may reach IDR43.96-58.89tn assuming a coal price of USD70/ton and an exchange rate of

IDR14,000/USD) (Investor Daily)

Ministry of Finance: Most holiday allowances have been disbursed

The Ministry of Finance has stated that 83.4% of the holiday allowances for Lebaran have been disbursed, amounting to IDR9.19tn. All holiday allowances are expected to be paid in full this week. (Investor Daily)

CORPORATE Buyung Poetra Sembada: To increase production capacity and build a power plant

HOKI plans to develop a new rice mill in Subang – West Java in 2H18, which will increase the production capacity to 50tons/hour (now 20-35 tons/hour). The total capex required is around IDR30bn. The company also plans to

increase the production capacity of its rice mill in South Sumatera to 40tons/hour. Additionally, HOKI plans to build a 3MW power plant in South Sumatera. The total capex budgeted for 2018-19 is around IDR200bn. (Kontan)

BRI revises up its loans growth target to 14% PT Bank Rakyat Indonesia (Persero) Tbk (BBRI IJ, BUY, TP IDR4,350) has revised up its loans growth target for this year to 14%. Previously, BBRI targeted its loans book to grow by 12%. The management claims that loans have already grown by more than 12% yoy as of May 2018 supported by MSME as well as the consumer segment. (Investor Daily)

Kalbe Farma: Biosimilar to contribute 6-7% of pharma revenues

Kalbe Farma estimates that unbranded generic drugs will provide an increasing contribution of 15-17% to total

pharma revenues. In 2018, the company will commence sales of Biosimilar drugs produced at its new factory. It is expected that biosimilar will contribute 6-7% of pharma revenues this year. (Kontan)

Lippo Cikarang (LPCK) targets FY18 marketing sales of Rp10.52tn.

LPCK targets FY18 marketing sales of Rp10.52tn (+34% YoY), mainly from Meikarta (Rp10tn), residential (Rp300bn), commercial (Rp20bn), Orange County (Rp100bn) and DS8 KSO (Rp100bn). As of 1Q18, LPCK booked

marketing sales of Rp1.96tn. (Investor Daily)

Lippo Karawaci (LPKR) to sell one more mall asset to Lippo Malls Indonesia Retail Trust (LMIRT)

LPKR is planning to sell one of its mall assets to Lippo Malls Indonesia Retail Trust (LMIRT) to be combined as part of REIT. Currently, the sale is still under process and awaiting the approval of the Singaporean authority. The

transaction is expected to be completed in 4Q18. Further details have yet to be disclosed. Meanwhile, LPKR is

refinancing its existing loan through the issuance of USD75mn of senior notes carrying an interest rate of 9.625% and maturing in 2020. (Investor Daily and Kontan)

MARKET NEWS



Matahari Putra Prima: Foresees 7% yoy growth in revenues in 2018 Matahari Putra Prima (MPPA) is targeting 7% yoy growth in 2018 revenues, driven by its Hypermart business, followed by Boston, FMX, Smartclub, and Foodmart. The company expects to see a better Lebaran season in 2018 compared to 2017. (Company) Analyst comment: The management’s yoy revenues target is within our expectation. Exhibit 1. MPPA’s yoy revenues growth 2013-2018F Source: Company, Danareksa Sekuritas Estimates

(Adeline Solaiman)

Salim Ivomas Pratama (SIMP) to pay dividends of Rp10/share SIMP is planning to pay dividends of Rp10/share, implying a dividend yield of 1.7%. The cum date is 7-Jun-18 and

the ex-date is 8-Jun-18. The dividends will be paid on 4-Jul-18. (Kontan)

9.6%

14.1%

1.6%

-2.0%

-7.1%

7.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

2013 2014 2015 2016 2017 2018F


DANAREKSA VALUATION GUIDE


Rating Price (Rp) Price Mkt Cap

Target Rp Bn 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018

Danareksa Universe 3,895,386 202,587 226,661 198.1 221.6 18.3% 11.9% 19.2 17.2 20.2 18.1 2.9 2.7 16.1 16.2

Auto 283,385 18,881 20,472 379.7 411.7 24.6% 8.4% 15.0 13.8 11.9 10.7 1.8 1.6 12.7 12.5

Astra International BUY 7,000 9,100 283,385 18,881 20,472 466 506 466 506 24.6% 8.4% 15.0 13.8 11.9 10.7 1.8 1.6 12.7 12.5

Banks 1,503,568 90,056 102,624 402.2 458.3 20.8% 14.0% 16.7 14.7 2.6 2.3 16.3 16.5

BCA HOLD 22,725 22,700 560,285 23,620 27,068 958 1,098 958 1,098 14.6% 14.6% 23.7 20.7 N/A N/A 4.2 3.6 19.3 18.8

BNI BUY 8,275 10,400 154,318 13,616 15,743 730 844 730 844 20.1% 15.6% 11.3 9.8 N/A N/A 1.6 1.4 14.7 15.0

BRI BUY 3,110 4,350 383,605 29,044 31,653 235 256 235 256 10.7% 8.9% 13.2 12.2 N/A N/A 2.3 2.1 18.5 18.0

Bank Tabungan Negara BUY 3,000 4,200 31,770 3,135 3,658 296 346 296 346 19.7% 16.7% 10.1 8.7 N/A N/A 1.5 1.3 15.4 15.8

Bank Mandiri HOLD 7,350 8,500 343,000 20,640 24,502 442 525 442 525 49.5% 18.7% 16.6 14.0 N/A N/A 2.1 1.9 13.0 14.1

BTPN BUY 3,430 3,900 20,032 1,273 1,628 222 283 222 283 -27.3% 27.8% 15.5 12.1 N/A N/A 1.2 1.1 7.8 9.4

BPD Jatim BUY 705 830 10,558 1,282 1,320 86 88 86 88 24.7% 3.0% 8.2 8.0 N/A N/A 1.4 1.3 17.1 16.3

Cement 149,544 4,000 4,196 205 215 -53.8% 4.9% 37.4 35.6 17.2 16.1 2.5 2.4 6.8 7.0

Indocement SELL 17,650 14,700 64,974 1,887 1,937 512 526 507 521 -51.3% 2.7% 34.4 33.5 17.8 17.0 2.4 2.4 7.1 7.1

Semen Indonesia SELL 8,800 8,600 52,197 1,945 2,109 328 356 316 343 -57.0% 8.4% 26.8 24.8 11.5 10.7 1.8 1.7 6.7 7.1

Semen Baturaja SELL 3,260 460 32,373 169 150 17 15 17 15 -34.9% -11.0% 191.3 215.0 84.9 68.2 10.0 9.6 5.3 4.5

Cigarettes 574,963 20,595 22,795 174 193 5.9% 10.7% 27.9 25.2 19.3 17.3 7.5 6.8 27.4 28.3

Gudang Garam BUY 69,100 80,800 132,954 7,498 8,487 3,897 4,411 3,897 4,411 12.3% 13.2% 17.7 15.7 11.4 10.2 3.2 2.7 18.4 18.8

HM Sampoerna BUY 3,800 3,800 442,009 13,097 14,307 113 123 113 123 2.6% 9.2% 33.8 30.9 25.1 22.5 12.7 12.2 38.0 40.3

Construction 119,117 8,554 10,351 115 139 29.9% 21.0% 13.9 11.5 9.3 7.7 1.9 1.7 14.7 15.6

Wijaya Karya BUY 1,655 2,300 14,845 1,225 1,783 137 199 137 199 21.0% 45.5% 12.1 8.3 4.0 2.8 1.2 1.1 10.4 13.7

Pembangunan Perumahan BUY 2,600 3,600 16,120 1,295 1,570 209 253 233 283 33.9% 21.2% 12.4 10.3 6.1 5.0 2.6 2.1 22.5 22.6

Adhi Karya BUY 1,930 2,900 6,872 451 619 127 174 149 187 43.9% 37.3% 15.2 11.1 8.4 7.0 1.1 1.0 7.8 9.2

Waskita Karya BUY 2,400 2,440 32,577 2,383 3,034 176 224 176 224 39.1% 27.4% 13.7 10.7 12.2 10.0 2.5 2.1 19.8 21.5

Waskita Beton BUY 408 580 10,755 1,104 1,319 42 50 42 50 73.9% 19.5% 9.7 8.2 9.3 4.9 1.3 1.2 14.2 15.2

Wika Beton BUY 440 730 3,835 349 420 42 50 42 50 28.3% 20.2% 10.5 8.7 7.0 5.8 1.4 1.3 13.7 14.8

Jasa Marga BUY 4,700 7,800 34,112 1,747 1,606 257 236 261 240 4.4% -8.1% 18.3 19.9 11.5 10.6 2.6 2.4 14.0 11.6

Consumer 595,000 16,992 19,025 328 367 8.4% 12.0% 35.0 31.3 20.1 18.0 9.1 8.2 27.2 27.5

Indofood CBP BUY 8,775 9,400 102,333 3,894 4,296 334 368 334 368 8.2% 10.3% 26.3 23.8 16.6 15.0 5.2 4.6 20.9 20.6

Indofood BUY 7,200 8,000 63,219 4,381 4,847 499 552 501 550 5.7% 10.6% 14.4 13.0 6.9 6.2 2.0 1.9 14.5 14.8

Unilever HOLD 46,800 52,000 357,084 7,324 8,326 960 1,091 960 1,091 14.6% 13.7% 48.8 42.9 34.2 30.2 63.3 53.8 141.6 135.6

Kino Indonesia HOLD 1,980 2,100 2,829 115 145 81 101 81 101 -36.4% 25.8% 24.6 19.5 12.3 10.4 1.4 1.3 5.9 7.0

Mayora Indah HOLD 3,110 2,790 69,536 1,277 1,410 57 63 56 63 -5.8% 10.4% 54.5 49.3 27.2 24.1 9.9 8.7 19.5 18.8

Healthcare 81,324 2,700 2,986 104 115 6.5% 11.5% 30.1 27.2 19.1 17.0 5.2 4.6 18.1 17.8

Kalbe Farma HOLD 1,415 1,700 66,328 2,411 2,660 51 57 51 57 4.9% 10.3% 27.5 24.9 17.4 15.6 5.0 4.4 19.1 18.8

Kimia Farma SELL 2,700 1,910 14,996 289 326 52 59 52 59 8.1% 12.7% 51.9 46.0 31.2 26.9 6.1 5.5 12.4 12.6

Heavy Equipment 136,150 7,463 8,439 2,001 2,262 49.2% 13.1% 18.2 16.1 8.1 6.9 3.1 2.8 18.0 18.1

United Tractors BUY 36,500 39,000 136,150 7,463 8,439 2,001 2,262 2,001 2,262 49.2% 13.1% 18.2 16.1 8.1 6.9 3.1 2.8 18.0 18.1

Industrial Estate 12,816 2,352 1,187 38 19 103.6% -49.5% 5.4 10.8 8.7 8.0 0.8 0.8 16.3 7.7

Puradelta Lestari BUY 158 240 7,615 733 746 15 15 14 14 -3.2% 1.8% 10.4 10.2 9.7 9.6 1.0 1.0 9.9 9.9

Bekasi Fajar BUY 266 320 2,566 488 543 51 56 50 56 45.4% 11.3% 5.3 4.7 6.1 5.3 0.7 0.6 13.5 13.2

Surya Semesta HOLD 560 540 2,635 1,131 (103) 240 (22) (119) (32) 1711.1% -109.1% 2.3 (25.7) 11.5 10.5 0.7 0.8 33.2 (2.8)

Media 51,955 2,965 3,365 103 116 3.3% 13.5% 17.5 15.4 10.7 9.7 4.0 3.6 23.6 24.7

Media Nusantara Citra BUY 2,450 3,100 35,823 1,491 1,605 102 110 102 110 -0.6% 7.6% 24.0 22.3 16.6 15.4 9.6 8.6 41.6 40.6

Surya Citra Media BUY 1,130 1,415 16,132 1,474 1,760 103 123 103 123 7.7% 19.5% 10.9 9.2 6.4 5.8 1.8 1.6 16.4 18.2

Mining 219,503 14,754 17,040 166 192 68.4% 15.5% 14.9 12.9 6.3 5.6 1.8 1.7 12.3 13.4

Adaro Energy BUY 2,030 2,800 64,931 6,283 7,376 196 231 198 231 40.1% 17.4% 10.3 8.8 4.0 3.4 1.4 1.4 14.4 16.0

Timah BUY 960 1,400 7,150 366 377 49 51 49 51 45.2% 3.0% 19.6 19.0 7.8 7.4 1.2 1.2 6.3 6.2

Vale Indonesia HOLD 4,030 3,300 40,043 (74) 233 (7) 23 (7) 23 -394.4% -415.1% (540.7) 171.6 21.5 17.8 1.7 1.7 (0.3) 1.0

Aneka Tambang HOLD 885 1,000 21,267 (264) (68) (11) (3) (11) (3) -507.2% -74.4% (80.6) (314.6) 35.0 36.8 1.2 1.2 (1.4) (0.4)

Bukit Asam BUY 4,000 3,600 46,083 4,476 4,623 412 425 412 425 123.1% 3.3% 9.7 9.4 6.5 6.1 3.4 2.8 37.3 30.5

Indo Tambangraya Megah BUY 28,200 33,200 31,864 3,384 3,903 2,995 3,455 3,232 3,617 93.2% 15.3% 9.4 8.2 4.5 3.9 2.5 2.2 27.1 28.9

Harum Energy HOLD 3,020 3,100 8,165 583 595 216 220 216 220 225.8% 2.1% 14.0 13.7 4.5 4.2 2.0 1.9 14.7 14.1

Plantation 35,964 3,010 2,986 283 281 -1.1% -0.8% 11.9 12.0 6.5 6.1 1.2 1.1 10.3 9.5

Astra Agro Lestari HOLD 12,250 14,800 23,577 1,908 1,851 991 962 984 962 -4.9% -3.0% 12.4 12.7 6.7 6.3 1.3 1.2 10.7 9.6

Sampoerna Agro HOLD 2,330 2,700 4,404 283 301 156 166 156 166 -35.8% 6.4% 15.0 14.1 8.6 8.3 1.2 1.1 8.0 8.0

PP London Sumatra BUY 1,170 1,700 7,983 819 833 120 122 823 833 37.9% 1.7% 9.7 9.6 4.4 4.2 1.0 0.9 10.3 9.8

Poultry 81,345 4,078 5,292 27 35 -10.9% 29.8% 19.9 15.4 10.5 9.1 2.8 2.4 15.2 16.8

Charoen Pokphand HOLD 3,740 4,000 61,329 2,576 3,405 157 208 182 216 16.0% 32.2% 23.8 18.0 12.5 10.7 3.7 3.1 16.7 18.6

Japfa Comfeed BUY 1,610 1,850 18,371 1,463 1,811 128 159 128 159 -29.2% 23.8% 12.6 10.1 7.7 6.7 1.8 1.5 15.4 16.4

Malindo Feedmill HOLD 735 840 1,645 39 75 18 34 80 110 -86.4% 91.5% 41.8 21.8 6.0 5.4 0.8 0.7 2.0 3.5

Property 101,868 8,450 8,432 70 70 56.5% -0.2% 12.1 12.1 9.2 9.3 1.6 1.4 14.3 12.6

Alam Sutera HOLD 352 400 6,917 1,379 1,435 70 73 70 75 171.1% 4.1% 5.0 4.8 7.4 6.6 0.8 0.7 17.9 16.2

Bumi Serpong Damai BUY 1,730 2,000 33,297 3,909 2,755 203 143 244 182 117.6% -29.5% 8.5 12.1 7.0 9.5 1.4 1.2 17.4 10.8

Ciputra Development BUY 1,085 1,350 20,138 940 1,493 51 80 35 67 -29.7% 58.8% 21.4 13.5 12.7 10.3 1.5 1.3 7.1 10.4

Pakuw on Jati HOLD 570 720 27,451 1,937 2,384 40 49 40 50 14.5% 24.0% 14.4 11.6 9.9 8.6 2.7 2.2 20.4 21.0

Summarecon BUY 975 1,100 14,066 284 364 20 25 31 35 -8.9% 28.3% 49.6 38.6 12.7 12.1 2.2 2.1 4.5 5.5

Retail 82,161 3,402 3,823 69 78 5.1% 12.4% 24.1 21.5 12.4 11.2 5.4 4.9 23.4 23.9

Mitra Adi Perkasa BUY 815 10,000 13,529 347 509 210 308 210 308 66.5% 46.8% 3.9 2.6 9.3 8.0 4.2 4.2 10.7 15.6

Ramayana HOLD 1,485 1,500 10,538 431 462 67 70 67 70 10.9% 4.9% 22.3 21.3 16.6 15.2 3.0 2.7 12.5 12.4

Matahari Department Store BUY 9,000 12,500 26,261 1,928 2,029 661 696 719 777 -4.5% 5.3% 13.6 12.9 8.3 7.4 10.4 7.9 87.8 69.1

Matahari Putra Prima SELL 290 250 1,560 109 112 17 17 17 17 183.4% 2.7% 17.3 16.9 1.7 1.7 0.6 0.6 4.4 4.5

Ace Hardw are BUY 1,250 1,550 21,438 588 711 43 47 43 47 3.2% 9.3% 29.1 26.6 27.2 25.9 6.3 5.6 18.2 19.7

Erajaya Sw asembada BUY 2,770 2,200 8,836 303 339 105 117 105 117 14.9% 11.8% 26.5 23.7 14.7 13.0 2.4 2.3 8.6 9.0

PER (x)

Equity

Valuation Net profit, Rp bn EPS (Rp) Core EPS (Rp) EPS Growth ROE EV / EBITDA (x) PBV (x)



LEADERS Price as on Code 06-Jun-18 05-Jun-18 Chg, % w-w, % m-m, % YTD, % Rating

Indo Tambangraya Megah ITMG 28,200 26,425 6.7 12.1 25.5 36.2 BUY

Ramayana RALS 1,485 1,395 6.5 7.2 6.8 23.8 HOLD

Ciputra Development CTRA 1,085 1,035 4.8 8.5 11.3 (8.4) BUY

Mayora Indah MYOR 3,110 2,970 4.7 6.9 2.0 54.0 HOLD

Kalbe Farma KLBF 1,415 1,365 3.7 3.3 1.8 (16.3) HOLD

Kimia Farma KAEF 2,700 2,610 3.4 33.7 29.8 - SELL

Unilever UNVR 46,800 45,400 3.1 - 3.2 (16.3) HOLD

Adaro Energy ADRO 2,030 1,970 3.0 10.9 23.8 9.1 BUY

HM Sampoerna HMSP 3,800 3,690 3.0 0.8 15.9 (19.7) BUY

Ace Hardware ACES 1,250 1,215 2.9 1.2 (3.8) 8.2 BUY

Sources: Bloomberg

LAGGARDS Price as on Code 06-Jun-18 05-Jun-18 Chg, % w-w, % m-m, % YTD, % Rating

Matahari Putra Prima MPPA 290 306 (5.2) (0.7) (4.0) (35.8) SELL

Erajaya Swasembada ERAA 2,770 2,920 (5.1) 1.5 57.4 276.9 BUY

Semen Baturaja SMBR 3,260 3,410 (4.4) (14.0) (10.7) (14.2) SELL

Media Nusantara Citra MNCN 1,130 1,170 (3.4) (8.9) (10.0) (12.1) BUY

Bank Tabungan Negara BBTN 3,000 3,100 (3.2) - 13.2 (16.0) BUY

Bank Tabungan Pensiunan

Nasional

BTPN 3,430 3,520 (2.6) (2.8) 13.2 39.4 BUY

Bank Negara Indonesia BBNI 8,275 8,475 (2.4) 3.8 10.7 (16.4) BUY

Bank Central Asia BBCA 22,725 22,925 (0.9) 0.8 3.2 3.8 HOLD

Bank Rakyat Indonesia BBRI 3,110 3,130 (0.6) (0.3) 2.6 (14.6) BUY

Mitra Adi Perkasa MAPI 815 820 (0.6) (3.3) 1.2 31.5 BUY

Sources: Bloomberg

COVERAGE PERFORMANCE



PREVIOUS REPORTS

Kino Indonesia: Cautiously optimistic SnapShot20180605

Alam Sutra Realty: Modest 1Q18 results, Jasa Marga: Providing positive clarification, Danareksa Research Institute: Consumers Confidence Strengthened in May SnapShot20180604

Strategy: A Move To A Tightening Bias, Ciputra Development: Still More Upside, Media Nusantara: Slippery Start For The Year SnapShot20180531

Alam Sutra Realty: Relying on Land Sales, Mayora Indah: Exports boost SnapShot20180523 Bank Rakyat Indonesia: An unlikely deal, Poultry: New Regulation No. 58 Year 2018, United Tractor: Komatsu sales

remain solid SnapShot20180522

http://dmia.danareksaonline.com/Upload/Morning%20pack%2020180605.pdf


http://dmia.danareksaonline.com/Upload/MP20180531.pdf





Adeline Solaiman

[email protected] (62-21) 2955 888 ext. 3503 Media, Retail, Poultry

PT Danareksa Sekuritas

Jl. Medan Merdeka Selatan No. 14 Jakarta 10110 Indonesia Tel (62 21) 29 555 888 Fax (62 21) 350 1709

Equity Research Team S

Sales team

Novrita E. Putrianti

[email protected] (62-21) 29555 888 ext. 3128

Ehrliech Suhartono


Maria Renata

[email protected] (62-21) 29555 888 ext.3513 Construction

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[email protected] (62-21) 29555 888 ext.3511 Research Associate

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Upik Yuzarni

[email protected]

(62-21) 29555 888 ext. 3137

Giovan Sitepu

[email protected]

(62-21) 29555 888 ext. 3130

Stefanus Darmagiri

[email protected] (62-21) 2955 888 ext. 3530 Auto, Coal, Heavy Equip, Metal, Cement

Natalia Sutanto

[email protected] (62-21) 29555 888 ext.3508 Consumer, Tobacco, Property

Yudha Gautama

[email protected] (62-21) 29555 888 ext.3509 Plantation, Property

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[email protected] (62-21) 29555 888 ext.3512 Technical Analyst

Rendy Ben Philips




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